
The Library
Monetary policy and wealth effects with international income transfers
Tools
D’Aguanno, Lucio (2018) Monetary policy and wealth effects with international income transfers. Journal of Macroeconomics, 57 . pp. 210-230. doi:10.1016/j.jmacro.2018.06.001 ISSN 0164-0704.
|
PDF
WRAP-monetary-policy-wealth-income-transfers-DAguanno-2018.pdf - Accepted Version - Requires a PDF viewer. Download (849Kb) | Preview |
Official URL: http://dx.doi.org/10.1016/j.jmacro.2018.06.001
Abstract
I study how a system of international transfers based on dividend income affects monetary policy in a two-country model with incomplete asset markets. I show that macroeconomic shocks alter international transfer payments and determine cross-border wealth effects on labour supply, output and consumption. The direction of these effects depends on the nature of the underlying disturbance: technology and wage markup shocks cause wealth effects that stabilise consumption relative to output, whereas monetary and price markup shocks cause wealth effects that destabilise it. Numerical work shows that this affects the balance of monetary policy between inflation and output stabilisation.
Item Type: | Journal Article | ||||||||
---|---|---|---|---|---|---|---|---|---|
Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Monetary policy, International finance, Transfer pricing | ||||||||
Journal or Publication Title: | Journal of Macroeconomics | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 0164-0704 | ||||||||
Official Date: | September 2018 | ||||||||
Dates: |
|
||||||||
Volume: | 57 | ||||||||
Page Range: | pp. 210-230 | ||||||||
DOI: | 10.1016/j.jmacro.2018.06.001 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 20 June 2018 | ||||||||
Date of first compliant Open Access: | 15 June 2019 |
Request changes or add full text files to a record
Repository staff actions (login required)
![]() |
View Item |
Downloads
Downloads per month over past year